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the euro touching a two week high in intraday trading and the u.s. dollar index posting slight gains after lawmakers approved a last minute fiscal cliff deal but the political showdown is far weeks away one of the best ways to make money in the currency market this year. liz: last week we had somebody who said buy the south african rand. we have a senior for ren currency strategist and they have got some ideas. before we get to your favorite picks let me tackle the dollar. every time we do quantitative easing, that tends to be dollar negative, very low rates. we don't have a strong dollar at the moment in trade, but what do you think about the u.s. to rar right now? nick, you first. a bit of a mixed picture. easing will be nech for the u.s. commodities and euro. so maybe the dollar will hold up against those currencies. david: chris, what about you, what do you think about the dollar. >> i have to be in agreement with our fellow guest there. when we look at the dollar specifically. we're here race to the base globally. specifically with the bank of japan and potentially later in the year w
prices this week, tle say that really when we look at it in terms of euros, we look at extreme weakness in the gold market here, down about 1.5% so far this week. even with the strength we have seen in the euros. that lets you know there is still some weakness here in the gold market. we are seeing profit taking pretty much across the board in metals complex. but another factor that may be contributing to the fact that we are seeing some weakness in gold is that traders are favoring platinum particularly this week going into 2013. looking at the white industrial metals as the place to be in really helping to supply hopefully create a rally that will continue for the next several months. back to you. >> thanks, sharon. rick santelli is tracking at the cme. we see the yield curve on the 30-year can be how are they doing today, ricky? >> this goes to the point. everyone is concerned if you are thinking rates aren't going up because they have. but they haven't really gotten traction at critical levels. so you look at one-week chart of everything. last week we closed at 109 and a 10 and yes
of the euro currency. boy, we went from basically trading a 133, now to trading 131, and today is a big down day. one market that actually is getting a little bit of a breath, but nothing on the scale of what the dollar and some of the other currencies are gaining on the euro, the dollar/yen. the yen has improved marginally today. but we're still on 87 handle on the dollar versus the yen. you want to pay attention to foreign exchange. we still have some other data today. the minutes we'll get later will be scrutinized, especially considering, you know, federal reserve and how it figures into a post-cliff presealing debate. >> i'm glad you brought up the euro. dennis gartman did that earlier this morning and we didn't talk about it at the time. what do you think is happening? why has the euro turned around here? >> well, to me, i think that what the euro represents, or what the relationship between the euro and other currencies represent continues to be exaggerated by shifts in the ultimate dynamics of trying to score the economy. then you had in the big position growth that we've seen, and t
, disappointing industrial production numbers in spain and the uk. but the euro is at a nine-month high this morning. we begin with the s&p, a five-year high. a lot riding on bank earnings. the report's not perfect. american express joining the list of financials that are cutting jobs. >>> best buy's troubles continue. they're not the only retailer under pressure this morning. jcpenney capping a bad week. >>> boeing under official view as a probe is taken on the plane. a cracked inshield and oil leak. >>> remember a cheaper iphone? a top apple executive said forget it. the company continues to focus on china. >>> we'll kick off with wells fargo, kicking off q4 results. the lending business came in a little bit lower than many analysts expecting. the numbers coming out after american express announced plans to cut 5,400 jobs and the s&p closed at fresh five-year highs. jim, it's been said, wfc, probably the most important report of the week. what kind of grade do we give it? >> the whisper was they weren't going to do this anyway. i don't know anyone would think they would -- people were
, the euro, we should note, is hitting 11-month highs against the u.s. dollar. marginal changes on a percentage basis. a road map this morning starts off with apple. even more doubts about the demand for the iphone 5 sending shares below. >> did you see your paycheck on friday? the payroll tax hike obviously kicking in for many americans. felt like a pay cut. will this be a temporary shock or a headwind as stocks hover at five-year highs. >> ubs achoirs tnt after a commission throws up road blocks. >>> to the top story. in the pre-market, we've seen apple shares fall below $500 for the first time in 11 months. the tech giant has cut its orders for iphone 5 components because of weaker than expected demands. screen orders for january to march quarter have fallen about half. the company had planned to order. apple said to cut orders for components other than screens. now, jim, we've had sort of this concern about demand for the iphone 5. i think last week when deutsche bank came out with the note from the japanese team, specifically citing this very issue, that's when the concerns
europe, having exposure to the currency, i have exposure to the euro, for a reason, is that i want -- i don't like the fact that we have twice the deficit that europe has. >> right. >> you hear a lot of bad press about europe but europe has a deficit and i want to be exposed to the euro. mostly because i think that the policies of the federal reserve is identical to those of european central bank and euro has been doing very well. and i think, i smell, everybody is bearish on something. but the story doesn't match the numbers. >> bob pisani, good to see you again. in the 2008 crash, is risk in your opinion still underpriced. and if it is, how do you explain to people to protect themselves? >> unless people have been burned, you can't convince them to get protected. and tail risks have traditionally been cheap depending on which tail. and what people fail to understand is that owning tail protection allows me to take risk elsewhere. it is not like what i spend on the tail is the overall package. it is very favorable when you have equities more attractive than bonds and other things. you
. the currency markets, open for trading for a lot longer today than stocks. the euro is still below 133, the recent high. it's interesting to see that the risk-on currencies are a bit to the upside. >> watch gold, too. i think gold, 12th year of good performance. >> yes. >> i would emphasize gold should be part of people's portfolios. >> while i don't disagree with you, because i've been wrong on gold two years in a row, silver better performer last year than gold. >> numbers are numbers. i find that the gld is just a very, you know, good way, i hope it goes down, the rest of your portfolio goes up. but remember, in the last 12 years we've had deflation, inflation, good control, bad control, but gold is steady because gold is in short supply in the world. >> i thought we were being positive. i'm optimistic for the next year or so. ten years out, different story. oil prices, right? while they've gone up in the last couple weeks, gas prices are down. >> gasoline. >> gasoline. and nat gas remains fairly low. >> nat gas at four-month lows right now. >> let's not underestimate the extra mone
. quick check of currencies, the euro/dollar the focus of a debate this morning on "worldwide exchange." a lot of people saying not so fast if you think that the rising dollar in tandem with rising risk is going to be a theme of the year. today we're seeing the euro/dollar give up .1% to 1. 1.3069. and the dollar/yen after reports out of japan saying there will be coordination between the bank of japan and fiscal authorities to try and get to the 2% inflation target. nothing too concrete. again, the proof will be in the poudre figure i can use a -- in the pudding if i can use a popular phrase this side of the bond. back to you. >> kelly services. i like that -- talent. talent, kelly. >> talent at work. >> talent at work. thanks. >>> coming up, the nation's biggest banks preparing to post quarterly results in the coming days. the inside line next. >>> first as we head to break, a look at yesterday's winners and losers. at 1:45, the a >>> that's hard. >> you stink. the wing and a fractured beak.o surgery was successful, but he will be in a cast until it is fully healed, possibly several
of the euro and to some degree make monetary policy tighter over here. we can quickly look at the bond space. italy did go to auction as we continue to see reasonable demand for peripheral debt. the paper is selling off a little bit, but still 4.17%. investors showed up to bid on the two-year zero coupon and the five-year inflankz flagz linked bond. italy and spain continue to front load. forex, though, telling you more of this story, which is that interestingly fluff, we're seeing kind of a risk off attitu attitude. the same has been the case for loony, which now people are starting to talk about in parity with the u.s. dollar. the dollar/yen, down about 0.3% to 90.62. the euro/dollar, 1.3446. so even though it's difficult, the u.s. dollar, guys, has been performing a little better over the last couple of weeks helped by renewed growth prospects. it's one reason why a lot of people are focused on the see kweter, that chatter over the weekend about it happening could put more pressure on the greenback. back to you guys. >> kelly, thanks so much. next time, you should fly over. >> what happen
people are piling into stocks, commodities, rising in tandem. even the euro up sharply. the dollar 303. i am going to switzerland which is still on. but let's talk a what is going on in the markets today. all but two datapoint drivers. >> really much more of a technical breakout. we have tested fell last couple of weeks 1475. the s&p 500. unable to do it. just a matter of time before we broke through. the macro data is what really pushed us over the edge and pushes us hire. technically that will be important. liz: then we get, and i know you guys like technicals, but the emotion that is in the pick today. something like this, 107 points. he knows where we will close in 56 minutes, but the something like this character? better volume today. >> well, i think it can carry over. if you look at what we had, the technical ankle was covered well, but on the fundamental basis, and you talked about there earlier. the two things that came out today were that to drags on the economy, housing and employment. they are getting better and consistently better. the confidence will be there. here is the bi
. the dollar related to all of this extending gains against euro pushing the currency to the lowest level in three weeks, the euro falling to an intraday low of $1.30. payroll services firm reporting the economy added 215,000 private sector jobs in the final month of the year up from revised november. professional services, trade and transportation boosted hiring in december and of course tomorrow we get the all-important jobs report for the month of december. liz: our markets panel, managing director and partner, ace investment strategist chief trader, let's start with the cme. it could not surprise a lot of the traders. >> in the last two minutes we have seen the biggest sel cell e have seen all week were in a while. a lot of selling on the close so some very interesting action and that was happening as i was hearing you talk about last two minutes. david: was it the yield? looking at a yield edging very close to the 2% mark. historically speaking that is low, but very significant for day to day traders. >> you have looked at and unhedged marketplace for a long time and you could be see
. >> thank you very much. what will it mean for the euro if the ecb cuts interest rates at 8:00 a.m. tomorrow morning? good morning. positioning for a cut? >> i'm positioning short. but i don't think they're going to cut this time around. there's so many reasons for the ecb to want to cut rates. i think we're looking at an actual cut three months out. german economic data has been pretty weak. i feel like that the position for euro wants to go to the downside. we saw poor german data, obviously the core of the european union. and the reason the ecb hasn't let the euro go. i think they're going to prep the markets next time for a cut. >> what are your levels? >> well, 131.20 was interesting. a level we tried to break through all fall. we finally got above it. now the market in the technicals should be support. it didn't hold the support. you want to go short the euro. >> are you a dollar bull overall? are you getting behind other trades on the basis that the greenback could go higher, higher interest rates in america? >> absolutely, simon. the dollar has this underlying bid ever since the fed
rose to 11.18% in november. that is a euro area high. if you move forward into decent, you can see the aumt of prices. they're prizing in some easing from the central bank down the road. quick look at what is happening at the bond curve. 5.1, just under 5.1%. the spanish treasury outlining the funds you will need for 2013. you can expect they're going to take as many advantage of these conditions as possible. italy, 4.3% on the ten-year. the gilt yield, above 2%. we will explore what's happening with growth going forward. slipping over now to currencies, here is what we've seen some interesting moves. may not look like much this morning. the euro/dollar is roughly flat. but the dollar/yen moving down by about .3%. it was really actually some support from the euro that came from comments out of japan. japan will be investing, bonds buying in the esm. that is an order to indicate some level of support for the eurozone project. but it also works to help, yes, weaken the yen. on that note, back over to you. >> it's always about the yen. kelly evans in london. the can. thank you. >> we'
? >> pmi, the best rating in a while. the euro weakening against the u.s. dollar, watch thanksgiving yesterday, continues to trend today. there is a bid to safety in today's session. i hate to use that phrase you to put it simply, the safe havens out there as we are staring down the barrel dealing with the debt ceiling and spending cuts. >> i thought they would have a tailwind rather than a headwind on currency. not in sync with a bullish picture, got to understand that one of the great reasons we have been able to have a good run, the dollar getting weaker. and also, unless people are short today, i know people are short, nordstrom's very heavily, short target, short gap, that is the only thing really going up. the mean time, i keep pointing out these dollar stores, they are horrendous today. family dollar really terrible. >> family dollar down 12%. >> you have nordstrom going higher, family dollar going lower, people felt that maybe the dollar stores would catch a bid and nordstrom would have weakness because of the high-end consumer being worried that clearly has not been the case
auction where in their first big debt aukz of the year, they're 5.8 billion euros above their 5 billion target. here is what's happening across the curve in bond markets in europe. the spanish ten-year, 4.99%. in italy, 4.17%. the bund, meanwhile, about 1.5%. gilt just over 2%. the interesting point here, guys, is that part of the reason why this is we're waiting on the ecb's latest decision. they're not going to need to do much more if current market conditions prevail. this is a pretty good way for them to start. so that auction going well, spanish yields coming into euro. if i can give you a sense of what's happening in other markets, the euro is higher. european equities for the most part as you're looking there are mixed to flat. but here is a look at what's been grabbing our attention. up .3% to 1.31. that i just want to bring your attention to. the all of points down there, you're looking at the dollar/yen. that's the other major story that we continue to follow. 88 was the level breached in trade today as the yen continues to weaken by the dollar by .is 3%. we'll wait to see if
the race to the bottom in the currency markets. the euro is at an 11-month high against the dollar and the yen is scheduled to move lower if the bank of japan wants its way, and a lot of people are saying that could benefit gold in a big way which is starting to move higher again. what do you make of the currency wars going on right now? >> i think they are going to heat up and the central players where it heats up will be between germans and the japanese over exports of cars, but i agree with you, and i also think that if we look at how they are going to develop in the near term, i would think that the trigger for that will be when the dollar/yen, for example, gets above 90 and the euro/yen significant levels, and real quickly i've had a lot of e-mails about problems with our bills, but not the ones that you think. t-bills. at the end of 2011 the last time we had a debt ceiling issue we saw bill rates for four week bills and three-month bills start to move up. today we had a one-month bill auction, trading on at five basis points and the auction went off at 9.5 basis points and ma
the euro to borrow a tremendous amount of money using the german balance sheet and we're doing the same thing, abusing our world's reserve currency status, and when that ends, it's going to be very painful. >> the music hasn't stopped. the cash is still flowing so markets will go higher. >> you're right. >> all right. we've got to go at this point. i'm not sure we solved anything, but it was fun somehow. >> we did better than congress. >> that's true. >> at least we didn't curse. >> no f-bombs here at least. see you later. stocks kick off the year on a high note thanks in last part to last night's 11th-hour tax deal in congress. checking with bertha coombs for today's leaders and laggards. >> bill, a day for notable milestones. the dow starting the year up over 2% for only the tenth time in 100 years, the nasdaq's best one-day gain in over 15 months, the s&p starting the year with a sizable gain for the fifth straight year. that's never happened and the russell 2000 hitting a new all-time high. zipcar was the russell's biggest percentage gainer on a $500 million cash deal to be acquired
.s. this was really a global move. the euro, though, fell off a mini cliff of its own. a little more detail coming up. >> we'll see kelly evans in just a bit. here's another big story brewing. >> reporter: a brutal political battle today over hurricane sandy aid for hard-hit new york and new jersey. i'll bring you all the tough rhetoric when we come back. >>> and yet another big story brewing for tomorrow. john boehner, he could be facing a real challenge for his job speaker of the house. ace acosta is all over this story. "the kudlow report" begins right now. >>> back to the rally on the streets today. that is the total sizzle story. check out these numbers. in case you missed it, dow added 308 points. nasdaq up 93. s&p 500 surging 36. cnbc's kelly evans joins us with all the details. good evening, kelly. >> larry, good evening, from down here at the stock exchange where you practically would expect streamers and champagne. the kind of day we had to put in in context, the likes of bill gross saying he sees stocks up 5% for the year, we did 60% of that in the first trading day. a lot of people are po
said congress voted no. it is going to be an amazing debate. the euro turns 14 today. happy birthday, euro. has it been a success? what would it cost you, and i'm not just talking about the initial outlay, but upkeep, garden webs staff, dresses, everything that goes with it, well talk about that with robert frank as well. back to you on "power lunch." >> can't wait for that one, mandy. thank you very much. this is a booming section of the tobacco industry. none other than the electronic cigarettes. it is making cigarettes more life like and big tobacco is taking notice in a big way. jane wells is in los angeles with more. hi, jane. >> hi, sue. for those of you trying to quit smoking this year, big tobacco's not worried. it is investing in a solution to your resolution, competing with a diverse group of tech startups. >> who's got my god [ bleep ] cigarette. >> james cameron took heat for having his character played by sigourney weaver in "avatar" smoke. >> john cameron bag ceo of safecig, to build a product becoming ever closer to recreating the experience of smoking without the carc
at this -- 14 month low against the euro. the second day of declines for the dollar but takes the 1.3563 by a single euro, unbelievable. david: that's why i'm planning a trip to europe. all right. treasury yields we keep a close eye on what's happening there, the end of the day, with ten year yield jumping slightly above 2%, as you can see, it's come down a little bit after hours. but again, these are levels that have not been seen for about nine months now. the ten year yield ended the day at 1.99. but again they did tick up above the 2% level earlier. liz: we are waiting on earnings from facebook, due out any moment. we will have full coverage for you, including an analyst who has had a buy on the stock since back in july when most were fleeing the stock. and before others upgraded it. we will also bring you numbers from electronic arts and qualcomm as soon as they are released. david: electronic arts, i forgot about them, they are reporting as well. also the very latest reading on gdp showing our economy, well, it's moving in the wrong direction or at least it was in the third qu
their own wagon. this is negative for the euro and the confidence in the u.s. economy, and it is a cautionary tale that means people are flocking to real assets, which is gold. it is an important move. david: isn't everybody doing it? from the united states to the bank of england to the european community itself, everybody is printing money like crazy to buy treasuries, so why bother moving it if everybody is doing it? >> they're bringing it home. germany sees themselves as the only thing that is holding. david: they are the mainstay of the euro. >> they're saying if they have to break away, if they have to move apart, they're circling the wagons with their own gold to say we are able to take a stand here. they couldn't do it in the middle of the european crisis because that would have blown the whole thing up. now that it has calmed down a little bit, they are making preparations to be able to circle the wagons on their own front. liz: what is your call on it and the time limit that you have on that? >> i think over the next three months we can see gold get back into
at the grocery store. also the euro hitting an 11 month high against the dollar, a possibility of an interest rate cut in europe fades. euro hit an intraday high of $1.34, jumping 2.5% against the greenback. sandy? sandra: we're also watching dell shares. this is the big story. especially after trading we're still going to continue to watch this stock. the stock soaring today, reports surfacing that it is in talks with private equity firms over a potential buyout. david: joining us now is williams financial group director and research in equity capital markets is joining us by phone. first of all, is it going private and if so, how much >> you know, david i can't say if it's going to go private or not. we definitely get some specifics at least in some private equity being named, but whoever leaked something like this, if it is true, just cost somebody a little over 2 billion dollars today, so if it was going to go private, it could have done so much cheaper. sandra: i want to focus on the fact that the stock has taken a major hit over the past year, the past six months, it's up 28%, it has re
of touching hot stove and retreating a little bit? >> i definitely do see that. we are seeing how the euro dollar today broke 135. there are a lot of people sitting on the sidelines, the volume levels and commodities are still not up to par. everybody is waiting for tomorrow's announcement from the fed and waiting for friday's unemployment numbers. i believe we will see the dollar probably gain a little bit more. the other currencies pulling back as well as the yen with a slow drawdown. we are seeing gold hovering in the $16.50 range. they jumping up over $9 right now, silver taking a long period i think we have touched the hot stove on some of those commodities, they will start to rise up soon. cheryl: even the guys are putting on their cheerleading skirts. you look at crude oil right now, 19 week highs. higher from here or lower from here? >> it has been trading higher for the last couple of days. it is up $1 today, i think the rally, the standing ground is the best really comes in when the day starts off with a bit of a selloff in the market turns around and goes back up. do i know what
at the currency market. the euro falling through. some traders consider that numbers to be a parish technical breakdown and strength of the dollar. in the grand scheme of things, so much stronger than were was a year ago. gold down right now. twenty-four dollars. the dollar rallies stronger. silver pulling back by $0.55. this on the perception that the fed takes away that punch bowl at some point. sober getting taken down as well. copper also caught in the downdraft. why is the equity market or do much for taking it in stride? let's get to the traders. let's first get to andrew. i am sorry, jonathan. jonathan, if we are talking about what is going on, as far as the trading session is concerned, is this all minutes driven? >> right now, i do not think that is it. we have seen a 2.5 rally each day. investors looking to see if we will get a selloff in this market. we are clearly seeing that. the economic data is supporting this market where it is at right now. the market does feel like it is strong enough. it will hold on what is going on. we should not be panicking. it seems like everything has
their currency. look at this chart, they seem to have been somewhat successful. this is the euro versus the swiss. there's been a major appreciation of the euro. it's basically at 20-month highs. what's fascinateding is, now look at the next chart. we don't have negative yields in a swiss two-year anymore. see how the charts correlate? basically that's a barometer. funding issues have receded, swiss are getting back to normalcy. now it's all about growth and employment. and all of that information comes out at the end of the week. david faber, back to you. >> all right. thank you very much, mr. santelli. well, yesterday's shares of hess up rather sharply in part because of the company's announcement of a number of different things it's doing refining its assets. interestingly it didn't react as much as one might have anticipated given today's move from what we learned is likely to be a move by elliott associates on the company from an activist perspective. this morning we got that move. and boy, did we ever get it. the stock itself moving up sharply. let me quickly give you some of the particular
.s. dollar hit a 14-month low versus the euro currency and just more signs that the fed is billing to pump more stimulus into this marketed to stimulate economy short term. longer term the greenback is getting hammered. >> eric: you and i spent time talking about that, you said just that. if the economy doesn't look strong enough it means the fed is going to do what i it needs to do to prime the pump for the markets. look what is happening, bad g.d.p. numbers and the market has a nice showing. >> reporter: that is exactly what happens. we could get bad news on the unemployment number and the market could very rally because they know that the federal reserve is a back stop for the market right now. when we get bad news on the economy, traders don't think, sell the stock market. they think buy it because that is the hope that the fed is going to prop up the ailing economy. it's just reverse thinking that is out there in the marketplace right now. by the way, oil and gas, your specialty is going to be a huge story here because post fed announcement, oil prices rallied above $98 a barrel. >> e
month in a row. the euro gaining for a sixth straight month against the u.s. dollar. longest winning streak in nearly a decade. hitting the highest level against the greenback in 15 months, but rich edson, go ahead, we have breaking news. rich: the senate has voted to raise the debt ceiling through may 18. this also has a provision that says in the senate doesn't pass a budget, the senators don't get paid, house lawmakers don't get paid after april 15. they don't get paid until the end of congress and are made whole at the end of the congress in 2014. the bill goes to the president's desk raising the debt ceiling so treasury can extend that sometime to july or august. david: a quick question in terms of defense, we will be talking about how defense cutbacks are hurting individual jobs in individual sectors and does this affect defense spending directly? >> this moves the debt ceiling fight the back. now march 1, automatic spending cuts and defense and other programs begin to hit and government spending on march 27. next up, defense spending will be a topic of conversation in d.c. and
. there is opportunity there that will continue to take a close look at and project. of course the 25 euros move out of the house and get a job tomorrow we will see creation of new customer accounts associated with that. it remains to be seen exactly what the true impact of energy efficiency will be. as we project load increases in the future typically energy efficiency accounts for about 2- 3%. liz: kicked a 25 year olds out. they should be out. you guys are as huge user of coal. you certainly use a lot of coal and america. you are, believe, the biggest user of coal when it comes to utilities. what happens? a tough year or does it help if it becomes cheaper? >> i think clearly it will. the existing generation that exists, coal-fired generation. keep in mind, it is a retiring generation, 14 and 15, the older less efficient coal-fired units, and that's going to further reduce the amount of coal consumption. we expect obviously natural gas showplace for that to continue to increase. liz: going to make it to the sweet 16? >> a set up well. i mean, i think there will. and obviously that 12-0 team did a
are asleep. china is slowing down. potential escalations in syria. and in the euro zone, a potential spanish downgrade. what i'm focused on is looking at vix call options, expiring in february. as a result, february comes around, more jitters in the market, you'll make money. >> all right, so, you're expecting a down market, then, is what you're saying, except being selective. robert, you're up. 30 seconds on the clock. go for it. >> yeah, tomorrow i'm going to be watching the price action in alcoa after reporting earnings this afternoon. the stock's been a dismal performer since 2011. we think a close tomorrow above $9.25 is positive for alcoa. gives us good momentum heading into earnings season. also at 1:00 p.m., i'm going to watch the ten-year treasury auction. want to see how that responds. we believe technically that rates are going to be heading higher and we think this is bullish for equities. we anticipate the $1.75 trillion that's flowed into bond mutual funds to make it way back. >> 30 seconds on the clock. what do you want to look at? >> sure, maria. with little economic news com
in the equity trade so you want it watch this. the dollar index is up on the day. why? because the euro has fallen quite dramatically and the dollar add great day like every other currency. becky, back to you and happy new year. >> happy new year. >> if you are just coming out under your rock, a triple digit on the dow. yields on the ten-year also rising. still a lot of uncertainty ahead. how should you be positioning yourself or 2013? let's bring in our panel of expert traders. kenny is standing by at the nyse. richburg in chicago. and anthony at the nymes. kenny, why don't we start things off with you. you said you thought this would be a good year for stocks. is that because you think the economy is looking strong or you can't fight the fed at this point? >> you can't fight the fed as we have seen the last three or four years. but it is not so much that economy is so strong, it feels to be stabilized. it feels to build a nice foundation. whether our economy or economies around the world. that is giving me optimism for the year. i do though think that first couple months actually might be
today. even though on spraead basis, they have widened out a bit. along with the euro/yen, dollar/yen, big performer, fresh 30-month highs as we hover and debate whether we close above 90 and very aggressive pro dollar but anti-yen trade with regard to pressure due to inflation issues by the bank of japan. tyler, it's all yours. >> rick, let's go to phil lebeau now for breaking news. >> tyler, we had some of our crew in washington catch up with secretary of transportation ray lahood. he was addressing the u.s. conference of mayors. after he addressed mayors we had the chance to ask him about the dreamliner and grounding. remember just last friday he was very public in saying these planes are safe. i would fly one immediately if i had a chance. well we asked him today what he thinks about those comments and about the dreamliner being grounded. sheer what he had to say. >> the reason that we grounded it is because we did further consultation with boeing and there was another incident. so those planes aren't flying now until we really have a chance to examine the batteries. those pla
,000 in the u.s. is being shipped to europe today. if the euro is strong and the economy is stable when it arrives, all is well. but if the euro gets devalued or the banks or the stocks are in trouble, this american-made product can find itself facing some real hurdles. the shop that wants to order it may be unable to get a loan for its inventory. therefore, the instrument never gets shipped. or the customer who wants to buy this guitar may find his money is worth so little he can't afford it. and if this drought in the marine stream continues pushing more businesses and more governments toward default on their debt, then there's a risk of the whole market drying up. so everyone knows each time a shipment arrives in europe like this one, unpredictable market forces here could undermine the value of those guitars and force layoffs back home. >> the last few years just thinking about the economy in general. it's kind of a generalized fear. >> reporter: for now they control what they can. >> if we do a better job when somebody's looking to buy a guitar, they'll look more to our stuff than
euros on taxes. no one can shame me about how much taxes that i have been paying. i have certainly been done a lot for this count row and he outlines the people he employs that includes some vineyards and two restaurants and a number of other things. looking like he might accept that offer of russian nationality and leave the country. joe? >> jim bitterman in paris. thanks for that. a husband offers up a kidney so his wife would move up on the list to receive a kidney. cameras were following the real story on realtime. you will see the video, next. i can't imagine anything better. you're getting a ton of shrimp, and it tastes really good! [ male announcer ] hurry in to red lobster's 30 shrimp for just $11.99! choose any two of five savory shrimp selections, like mango jalapeƑo shrimp and parmesan crunch shrimp. two delicious shrimp selections on one plate! all with salad and unlimited cheddar bay biscuits. 30 shrimp, just $11.99 for a limited time. wow, that's a lot of shrimp. i'm ryon stewart, i'm the ultimate shrimp lover, and i sea food differently. >>> her parents were told she wou
. will you be afraid it could be much worse, euro crisis or debt ceiling or china hard landing, would it really spook you to the point that you get more nervous. nobody's bearish about earnings right now. they aren't. people think it's a -- the numbers are too high and they'll slowly come down, but they're not worried about a recession like they were in the fall, summer and fall of 2011. look, i think the earnings numbers will come down. if the multiple expands, it will be because people believe the policy will be there forever. if you're me, you're worried a little bit more about the fed balance sheet and the fact that it obviously robs from the future to do this unconventional policy. i don't really want to gamble that is a great long-term strategy. >> we've got to wrap up. i give you a lot of credit. you work for a firm that's got a year's retail platform and probably benefits from people buying stocks. do you ever get pressure from management at all? >> never at all. to be honest, i work at a firm with a bunch of great people. my job is to make people think. when you have a framew
only need to look at two charts. the first chart is the euro/yen. this comes back to the highest levels since the summer of 2011. when you include the dollar/yen in that chart, you have to go back an extra year. we're comping to the summer of 2010. in either case, the dynamic is the same. i keep harping on it, and it continues to be the best trade that the fx traders are dealing with for the last three or four months. that is, long anything against the yen. carl, back to you. >> thanks a lot, rick. talk to you in a little while. let's check out the latest moves in metals. >> good morning, carl. let's start with the slide in gold futures down a dollar may not seem like so much. when you look at the fact that gold is below $16.50 an ounce, a key technical level there, that is the reason why many traders say there's more bullish momentum in the gold market. add to that the fact that the latest report said the bullish bets for gold are at the lowest levels we've seen since august. a lot of investors are on the sidelines waiting to see what happens with the next round of budget talks. and no
things were looking better. the euro is strong. the dollar has pulled back significantly today. a lot of traders really focusing on currencies today as the dollar is lower. the vix, the fear index, is to the downside. oil and gold have been taking off. we've seen the automakers, names like gm and ford hitting 52-week highs. retailers have been mixed depending which one you're looking at the urban outfitters hit aring a 52-week high while tiffany's has been suffering today. back to you. melissa: thank you so much, nicole. the president's announcement for a new treasury secretary taking place in a few minutes. let's head over to john silva from wells fargo what jack lew means to the economy. thanks so much for joining us. >> sure. melissa: john, let me ask you. he is somebody that comes from the rubin school of economics. believes bigger government is better it seems. is that your impression of him and what does that mean in a treasury secretary. >> i think the president is choosing jack because of two reasons. one, he knows the fellow. they have worked together for a while. then second
, with sovereign debt crises, with the euro zone. it was only at the very last possible minute that compromise was reached, that the big bargain was done. and if you look at the united states, even at a time of, a moment when really both sides needed to do more than the minimum, the markets will be saying they failed to do so. so, yes, they will be relieved, there won't be any immediate reaction, but the markets are certainly putting the politicians on notice that the budget mayhem can't continue. wolf? >> good notice. richard, thank you. >>> off an island in alaska right now, a crippled oil rig is running aground. it's carrying diesel fuel, oil, and hydraulic fluid, and the weather is working against recovery. we'll have an update. >>> an oil drilling barge is grounded off an island in southern alaska and a fares storm is hindering recovery efforts onboard. diesel fuel, lube oil, and hydraulic fuel. no leaks have been detected and teams are assembling to tackle any environmental damage. cnn's paul vercammon has an update. >> reporter: high winds and huge waves pounded the drilling rig off kod
're talking about the euro currency versus the greenback. jim, back to you. >> great, rick, thank you. new shift in platinum and gold prices. a lot going on with gold. let's go to sharon epperson at the nymex. >> jim, we have not seen this since this spring. platinum prices now being more expensive than gold. we're looking at platinum rose above 1690 an ounce this morning. gold prices right around 1677 an ounce. we haven't seen this in ten months' time. but we have been telling you since the start of the year, that this is the year for platinum. that the supply issue is facing that market. the fundamental issues, a big reason analysts are looking for platinum to outperform gold this year. we are hearing from anglo american platinum in south africa. of course, the largest producer of lat numb in the world, saying it is going to close several of its mines in south africa and wants to return to profitability. it's worried about slow demand and rising costs. we're watching what's happening in the natural gas market, because natural gas reached the highest interday level so far this year on the
2%. the dollar has been something to watch in terms of the euro. but even more against the yen and finally gold was -- after the fed comments about maybe not, you know, being accommodative forever. hit the gold markets pretty hard last week. >> it's time now for the global markets report. ross westgate standing by in london across the pond. mr. westgate. >> hey, andrew. thank you very much for that. you can see after the gains we had last week, softer this morning. decliners outpacing advancers by a ratio of around 6 to 3, somewhere around that margin. the ftse 100, when you're a stock in general up at 22-month highs, friday, up .5%. right now, the if it is sfts is down .25%. we're not far away from the all-time highs on the xetra dax 7740.78 is up near the all time high. the cac 40 is down .5%. ibex up .1%. no doubt about the standouts, that is indeed the banks after the basel committee that supervisors bank regulation, says the liquidity cover ratio, which is the thing that forces banks to hold enough cash and easy to sell assets, they're changing that in terms of what they n
. >> does it matter? >> to me, it doesn't matter. >> it won't change what the 10 euro is doing anyway. >> no see. because the fed is involved. >> the has the why it's so hard as an investor, your typical benchmarks you use are no longer market determined. as a result, it's very ha hard -- everybody references those rates but those rates aren't market determined. i like to call fixed income is price fixed and no income. that's what you're dealing with as fixed income investor. >> thanks, doug. a little bit more from you. >> when we come back, in fact, lawmakers striking the deal to avoid the fiscal cliff. setting up another fight in two months or less over the debt ceiling and sequestration measures that got pushed over the road. we have republican john barrasso with more and budget battle still to come. c'mon dad! i'm here to unleash my inner cowboy... instead i got heartburn. [ horse neighs ] hold up partner. prilosec isn't for fast relief. try alka-seltzer. kills heartburn fast. yeehaw! but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot,
thing i'm not really afraid of us in this world are the rating agencies. >> only because the euro is so weak, the chinese are where they are. we can't depend on the rest of the world being feckless forever. >> people like me have been saying for five years, don't worry about these deficit things for the time being. they're not an issue. other people have saying imminent crisis, imminent crisis. how many times do they have to be wrong and do people like me have to be right before people start to believe in us? >> you're right until the day you're wrong, and that's a bad day. >> and he's on the sides of buses in spain. there we go. >> he's huge! >> paul krugman. >> thank you so much. >> this is fascinating. you've got to come back. it's great to have such diversity of thoughts. i'm serious. >> come back. >> spirited. >> the book is "end this depression now!" out in paperback. read it. we'll talk about it more. >> you're too early in the morning. >> you think so? >> yeah. >> why? >> the viewers may like it, but i don't. >> class doesn't start this early. >> oh, my goodness. >> we'll have y
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